Ichimoku Analysis (Hourly chart)
Tenken-Sen- 105.25
Kijun-Sen- 104.80
USDJPY recovered sharply after a hitting low of 103.08. Short term trend is still bullish as long as support 103 holds. US futures especially, Dow Jones recovered sharply more than 8% from low of 20385 after China declared Coroanvirus peak over and Fed's 1.5 trillion liquidity injection.
Technically, immediate resistance is around 106 and any violation beyond target 106.80/107.80.
On the flip side, near term support is at 104.50 and the break beneath will drag the pair down till 104/103.
It is good to buy on dips around 105.45-50 with SL around 104.50 for the TP of 106.80.
